Recent advances in nanotechnology and nanoscience have resulted in more enhanced techniques on the way we analyze, treat, and inhibit numerous diseases in all facets of human life. Silver nanoparticles (AgNPs) are one of the most vital and interesting nanomaterials amongst some of the metallic nanoparticles that are elaborated in many biomedical applications. For the development of silver nanoparticles, the biomolecules from various plant constituents and microbial species have been utilized as potential agents. These AgNPs are greatly used due to their orientation, physical properties, and small size, which are reported to have influence in conversion of the performance of any other material which is in contact with these tiny particles. In addition, AgNPs can be prepared by simple chemical, physical, and biological approaches. Furthermore, biosynthesis of AgNPs has been increased substantially in many of the established countries due to their improved response of environmentally friendly technology for measurable synthesis. However, the biological method is the most emerging approach in preparation, as this technique is easier when compared to other methods used, viz., less time consuming, eco-friendly, nontoxic and cheap. Furthermore, the significance of AgNPs are broadly discussed based on their multifunctional bioapplications; ie, as antifungal, anti-inflammatory, antibacterial, antiviral, antiangiogenic and anticancer agents, and the anticancer activity mechanism of AgNPs.